Nordic American Tanker Shipping Limited (NYSE:NAT) Provides Update on Delayed De
Posted on Saturday, July 31 @ 04:47:30 CDT by Editors
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Hamilton, Bermuda, July 30, 2010.
Nordic American Tanker Shipping Limited (NYSE:NAT), today announced that the delivery of its newbuilding suezmax - the first of two scheduled for this year - continues to be delayed. The Company has mentioned this in previous quarterly reports and has advised the seller, a company in the Fred Olsen group, that we will not take delivery of the vessel until it is completed in accordance with the contract.
Herbjorn Hansson, Chief Executive Officer, stated: "If this situation with the sellers is not resolved, we are prepared to take the matter to arbitration, although we prefer an amicable and fair resolution."
Mr. Hansson added: "Under our expansion program we continue to be active in the market to acquire further vessels. We expect to have minimum 20 suezmax vessels by the end of next year."
The dividend report for the second quarter 2010 will be released before the opening of New York Stock Exchange Friday August 6, 2010.
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